Forex Daily Forecast, Analysis and Prediction

According to Christopher Lewis's analysis of the EUR/USD and USD/CAD, one trader profited on a binary options platform. See how here.

Last week I was mistaken in being overly bullish and not seeing that the short had already come at the time of writing, off the resistance at 0.9220. Get the full analysis here.

The XAUUSD pair rose to its highest level in eleven weeks as disappointing U.S. data boosted the precious metal’s safe-haven appeal. Commerce Department figures showed that sales of new homes dropped 13.4% to a seasonally adjusted annual rate of 394000 in July, well below expectations of 487000.

The WTI Crude Oil markets rose during the session on Friday as you can see, 2 1/2 months now. Get the full analysis here.

The EUR/USD pair went higher during the session on Friday, but as you can see could not stay above the crucial 1.34 level. I believe that level is the beginning of significant resistance all the way to the 1.35 handle, so it might be a bit of a fight to get above there.

The USD/CAD pair tried to rally during the session on Friday, but you can see that the 1.0550 area was far too resistive in order to let the market go higher. That being the case, the market formed a shooting star which of course is a very negative sign.

The NZD/USD pair fell during the balance of the session on Friday as you can see, but we also found quite a bit of support at the 0.77 handle, which of course signifies that the market has quite a bit of support below.

As the uptrend for the EUR/USD pair is still in place, and support levels are holding firm, we can remain bullish for this pair. Get the full analysis here.

Check out the Forex forecast for the major pairs here and plan your trading week accordingly.

Check out this weekly short signal from pro trader John Ursus, and find your profits in the Forex market now.

The EURUSD currency pair has launched a five week rally which caused it to settle into a very heavy resistance zone as indicated in the chart above. Get the signal here.

Over the past eight weeks this currency pair has tried to form a bottom as all negative economic events including an additional rate cut by the Reserve Bank of Australia have been priced in and while Chinese data points to stabilization.

During yesterday’s session, the XAU/USD pair (Gold vs. the American dollar) managed to hold above the 1360 level after HSBC reported that preliminary index of manufacturing activity advanced to 50.1 from 47.7.

I'm not overly impressed one way or the other but do recognize the fact that we have a market that can be traded back and forth.

I hate this type of market. It's based upon rumors, innuendo, and simple speculation.